Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) had its target price hoisted by Bank of America from $23.00 to $23.50 in a research report released on Tuesday, BenzingaRatingsTable reports. They currently have a neutral rating on the utilities provider’s stock.

PEGI has been the subject of several other research reports. Raymond James reissued an outperform rating and set a $26.00 price target on shares of Pattern Energy Group in a report on Wednesday, August 7th. Royal Bank of Canada reissued a buy rating and set a $24.00 price target on shares of Pattern Energy Group in a report on Thursday, August 8th. Finally, TheStreet downgraded shares of Pattern Energy Group from a b- rating to a c rating in a report on Tuesday, May 14th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $23.36.

Pattern Energy Group stock opened at $25.81 on Tuesday. The firm has a market capitalization of $2.29 billion, a P/E ratio of 17.80 and a beta of 1.05. The stock has a fifty day simple moving average of $23.33. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.08. Pattern Energy Group has a 12 month low of $17.23 and a 12 month high of $26.07.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.11). The business had revenue of $135.00 million during the quarter, compared to analyst estimates of $137.90 million. Pattern Energy Group had a negative return on equity of 3.00% and a negative net margin of 12.36%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.34 EPS. On average, research analysts predict that Pattern Energy Group will post -0.15 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be issued a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a dividend yield of 6.54%. The ex-dividend date is Thursday, September 26th. Pattern Energy Group’s dividend payout ratio (DPR) is 116.55%.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Kayne Anderson Capital Advisors LP lifted its holdings in Pattern Energy Group by 3.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 13,800 shares of the utilities provider’s stock worth $303,000 after purchasing an additional 500 shares during the period. ETF Managers Group LLC lifted its holdings in Pattern Energy Group by 10.6% in the first quarter. ETF Managers Group LLC now owns 8,674 shares of the utilities provider’s stock worth $191,000 after purchasing an additional 831 shares during the period. Investors Research Corp acquired a new stake in Pattern Energy Group in the first quarter worth about $26,000. Strs Ohio acquired a new stake in Pattern Energy Group in the second quarter worth about $27,000. Finally, Nisa Investment Advisors LLC lifted its holdings in Pattern Energy Group by 2.0% in the second quarter. Nisa Investment Advisors LLC now owns 67,575 shares of the utilities provider’s stock worth $1,560,000 after purchasing an additional 1,300 shares during the period. 81.61% of the stock is owned by institutional investors.

About Pattern Energy Group

Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.

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Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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